Does those child not have other close relatives such as uncles or aunts? Usually those who are born as sole heirs have uncles or aunts who always stick to their parents' business and that often happens, I'm confused about what advice to give to that child, if he has good close relatives then he can continue the business he inherited his father but if he has evil relatives, he would be better off selling the business and going to college.
Yes, that's how it should be, if they have the uncles or aunts you mentioned above, of course they will not completely hand over to their children what their parents have built in the time required by their efforts which are not short. In my opinion, if he doesn't have relatives who are close to his father, like it or not, I think he should at least continue what his father built so that what his parents built doesn't just go to waste.